2008 Legislative Session: 4th Session, 38th ParliamentFIRST READING

The following electronic version is for informational purposes only.The printed version remains the official version.

HONOURABLE BLAIR LEKSTROM
MINISTER OF COMMUNITY DEVELOPMENT

BILL 47 — 2009

VANCOUVER CHARTER AMENDMENT ACT, 2009

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

SECTION 1: [Vancouver Charter, section 190.1] authorizes the City of Vancouver to undertake borrowing and other financing arrangements in relation to the described Southeast False Creek development project.

1 The Vancouver Charter, S.B.C. 1953, c. 55, is amended by adding the following section:

Financing in relation to Southeast False Creek development

190.1 (1) In this section:

"development area" means that area of the city bounded on the north by False Creek, on the south by the southerly boundary of 1st Avenue, on the east by the easterly boundary of Ontario Street and that boundary’s northerly production to False Creek, and on the west by the westerly boundary of Columbia Street and that boundary’s northerly production to False Creek;

"development project" includes the acquisition, disposition, development, use or construction of property in the development area and of personal property related to any of these.

(2) Despite any other provision of this Act, the city may, for purposes of financing of, or financing arising in relation to, the development project, on terms and conditions the Council considers necessary or advisable, do any or all of the following:

(c) grant security by way of mortgage or other charge on, or security interest in, property that is within the development area or that is identified by resolution of the Council as property associated with the development project;

(d) take security by way of mortgage or other charge on, or security interest in, any property;

(e) take assignment of a loan as lender, or assignment of another right or interest in relation to a liability, including any related security;

(f) assign or otherwise dispose of a right or interest, or security, taken under paragraph (d) or (e).

(f) The taking of any action under section 190.1 [financing in relation to Southeast False Creek development].

Commencement

3 This Act comes into force on the date of Royal Assent.

Explanatory Notes

SECTION 1: [Vancouver Charter, section 190.1] authorizes the City of Vancouver to undertake borrowing and other financing arrangements in relation to the described Southeast False Creek development project.